Capital gains lock-in and governance choices

Differences in accrued gains and investors’ tax-sensitivity induce variation in a capital gains lock-in effect across mutual funds even for the same stock at the same time. Exploiting this variation, we show this effect influences funds’ governance decisions: higher capital gains decrease the likelihood a fund exits prior to contentious votes and increase the likelihood a fund votes against management. Consistent with tax motivation, these findings are concentrated among funds with tax-sensitive investors. Further, high aggregate capital gains across funds holding a stock predict a higher likelihood management loses a vote and a lower likelihood a contentious vote is proposed.     

Interorganisational project dynamics: A longitudinal study of perceptual distance and client-contractor collaborative relationships

Despite the importance of good collaborative relationships in interorganisational projects, clients and contractors often develop adversarial relationships due to perceptual distance about key project issues. In this case study research, we investigated how perceptual distance emerges and changes over time, and how the collaborative relationship between client and contractor develops alongside these dynamics. In this exploration, we built upon agency theory and stewardship theory as complementary perspectives for understanding client-contractor collaborative relationships. We gathered quantitative and qualitative data in two projects, conducting three assessments in about one year. We found that perceptual distance increased and decreased over time, and that a reduction was typically associated with the collaborative relationship being characterized by stewardship rather than agency. These findings suggest that a regular assessment and evaluation of partners’ perceptions of critical project issues is warranted to timely detect and counteract perceptual distance. Moreover, partners would best adopt a stewardship orientation to reduce perceptual distance, although this may take considerable effort given the distributive nature of many pre-project negotiations.     

Alternative balanced scorecards built from paradigm models in strategic HRM and employment/industrial relations and used to measure the state of employment relations and HR system performance across U.S. workplaces

This paper constructs alternative balanced scorecards based on high‐performance work system (HPWS) and employment relations system (ERS) models. The models are depicted and compared in diagrams and used as framework skeletons for building separate HPWS and ERS scorecards, intended to provide a detailed data picture of the operational health and performance of an organization's employment/HR system and its operations, processes, and inputs/outputs. The scorecards are filled in with nationally representative data from 2,000+ U.S. workplaces using more than 50 employment/HR indicators, as reported by separate panels of managers and employees. The indicators for each workplace are aggregated into an overall HR/employment system score, ranked from low‐to‐high, and graphed as frequency distributions. These distributions provide a unique snapshot picture of the mean and dispersion of the state of employment relations and HR system performance for companies across the United State. They also reveal that “models matter” since the HPWS and ERS scorecards provide distinctly different evaluation assessments.     

Evaluating discounts as a dimension of customer behavior analysis

Today, increased competition between organizations has led them to seek a better understanding of customer behavior through identifying valuable customers. Customers’ expectations about the price and quality of products and services play an important role in their selection process. In online businesses, competition and price differences between suppliers is high, so discounts will attract different customers. As a result, discounts and the frequency and amount of purchases can lead to better understanding of customer behavior. Customer segmentation and analysis is essential for identifying groups of customers. Hence, this study uses a model based on RFM called RdFdMd, in which d is the level of discount used to analyze customer purchase behavior and the importance of discounts on customers’ purchasing behavior and organizational profitability. The CRISP-DM and k-mean algorithm were used for clustering. The results indicate that using the R_dF_dM_d model achieves better customer clustering and valuation, and discounts were identified as an important criterion for customer purchases.     

A multivariate distance nonlinear causality test based on partial distance correlation: a machine learning application to energy futures

This paper proposes a multivariate distance nonlinear causality test (MDNC) using the partial distance correlation in a time series framework. Partial distance correlation as an extension of the Brownian distance correlation calculates the distance correlation between random vectors X and Y controlling for a random vector Z. Our test can detect nonlinear lagged relationships between time series, and when integrated with machine learning methods it can improve the forecasting power. We apply our method as a feature selection procedure and combine it with the support vector machine and random forests algorithms to study the forecast of the main energy financial time series (oil, coal, and natural gas futures). It shows substantial improvement in forecasting the fuel energy time series in comparison to the classical Granger causality method in time series.     

Moderation by goal commitment of the feedback–performance relationship: Theoretical explanation and preliminary study

This paper presents goal commitment as one stage of a multidimensional goal striving process that affects feedback acquisition, processing, and use during the achievement of performance goals. Specifically, this paper argues that higher goal commitment leads to more effective acquisition, processing, and use of feedback that in turn fosters higher performance than does lower goal commitment. To provide a preliminary test of this proposition, data from an earlier field study conducted by the author and colleagues [J. Occup. Organ. Psychol. 72 (1999) 107] were used to examine the moderating effects of goal commitment on the relationship between perceived task feedback amount and work performance of 196 rehabilitation counselors. Results were consistent with this proposed interaction, as perceived task feedback amount had a positive linear relationship with work performance for higher goal commitment rehabilitation counselors and a negative linear relationship with performance for lower goal commitment counselors. The discussion urges researchers to broaden their views of goal commitment beyond the goal difficulty–performance relationship and to devote more attention to moderators of the feedback–performance relationship. Directions for future research and practical implications are also discussed.     

入世以来两岸经贸关系发展中的问题及其影响

入世6年来,两岸经贸快速发展,但台湾在祖国大陆贸易和利用外资中的地位不断下降。两岸经贸关系至今仍未实现正常化,这对两岸经济发展均带来不利的影响。     

How to measure mutual fund performance: economic versus statistical relevance

In the present paper a comprehensive assessment of existing mutual fund performance models is presented. Using a survivor‐bias free database of all US mutual funds, we explore the added value of introducing extra variables such as size, book‐to‐market, momentum and a bond index. In addition to that we evaluate the use of introducing time‐variation in betas and alpha. The search for the most suitable model to measure mutual fund performance will be addressed along two lines. First, we are interested in the statistical significance of adding more factors to the single factor model. Second, we focus on the economic importance of more elaborate model specifications. The added value of the present study lies both in the step‐wise process of identifying relevant factors, and the use of a rich US mutual fund database that was recently released by the Center for Research in Security Prices.     

珍惜和发展中俄战略协作伙伴关系

中俄关系经历了苏联时期和后苏联时期两个大的时期以及结盟、对立、关系正常化和不断提升与发展四个阶段,迄今已经成为面向21世纪的战略协作伙伴关系.这种关系本质上是双方国家战略利益相互借重的关系,在发展双边关系中,要扩大彼此国家利益的共同性,理性认识和妥善处理彼此国家利益的层次性和差异性,不断夯实战略协作伙伴关系的物质基础和社会基础.